A-CAP have now taken control of the football assets that once belonged to 777 Partners
777 Partners, the investment firm that had come close to purchasing Everton, has collapsed. The company’s football assets have all been put up for sale.
The Miami-based firm, who had agreed a deal with Blues owner Farhad Moshiri to acquire the club in September 2023 but were unable to complete, have been beset by legal and financial issues that have unraveled in recent months, with the firm’s UK operations to be liquidated following a winding-up order in the High Court.
The collapse of 777 Partners, whose portfolio of football clubs under its ownership had included Genoa, Hertha Berlin, Vasco da Gama, Red Star Paris, Melbourne Victory and Standard Liege, comes some five months after the firm were handed a deadline of the end of May by Moshiri to complete the Everton deal, having been granted ‘conditional approval’ by the Premier League provided they met a number of conditions.
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American investment firm A-CAP, who had been by far the biggest source of funding for 777’s operations, have now taken over the ownership of its multitude of clubs, with the firm having engaged the investment bank Moelis to seek the sale of the assets.
A-CAP have also taken over the £200m loan to the Blues that had come from 777 via A-CAP funding, with prospective the club’s prospective new owners, The Friedkin Group, having reached an agreement over repayment of that debt that requires approval in a New York civil court in relation to a legal case that 777 face from London-based Leadenhall Capital Partners.
It is not just 777 Partners’ football interests that have collapsed, with a number of other subsidiaries and assets having filed for bankruptcy in other countries. The investigative website Josimar reports that 777 have been evicted from their offices in Newport Beach and Miami over unpaid rent.
Back in May, 777 Partners co-founders Steven Pasko and Josh Wander resigned from their positions as directors of the company, with the intervening months having seen the woes of the firm grow worse.
The is currently in the throes of a legal case in the US where Leadenhall allege 777 used fraudulent activity such as double-pledging of assets for collateral, as well as collateral that did not exist, to gain access to $350m of funding.
Josimar also report that a yacht belonging to Pasko has been placed up for sale for $1.87m, with the firm and its founders scrambling to raise as much cash as they can.
